Myanmar’s tourism bank waits for green light

Myanmar’s tourism bank waits for green light

Myanmar’s tourism bank waits for green light

Myanmar’s Central Bank has still to grant permission for a yet-to-open Tourism Development Bank, that will help to fund travel industry projects and SMEs in tourism.

Eleven Myanmar media quoted Myanmar Tourism Bank managing director, Than Tin, saying: “We expected to get the license in May. But it is still pending and we have to wait to establish the bank until we have central bank permission.”

“Once we have the green light the first bank will be open in Nay Pyi Taw and then Mandalay and Yangon,” he added.

The proposed development bank will provide loans, technological assistance and communications and that is probably why it will be established in the political capital first, as potential projects will require government approval and oversight.

Formation of a public company, investor recruitment, selling of shares, organising and participating in tourism-related events, have all been pre-approved by the government.

This ambitious project is expected to contribute not only to the tourism industry, but also to other related businesses, the report said.

The move to establish a bank solely for tourism comes as a result of a high influx of international tourists. Last year, the country welcomed 3.08 million international tourists increasing 51% from 2.04 million visits in 2013.

Myanmar earned USD926 million from its tourism industry in 2013, and USD1.14 billion in 2014, according to Ministry of Hotels and Tourism Statistics.